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The RegTech market is expected to reach $32.6 billion by 2031, at a CAGR of 17.3% from 2024 to 2031.
Importance of RegTech Solutions for Compliance, Risk Mitigation, and Fraud Prevention
RegTech solutions play a crucial role in ensuring compliance, mitigating risk, and preventing fraud. These solutions integrate data from multiple governance, risk, and compliance (GRC) processes to provide comprehensive and holistic insights. The growing incidents of identity theft and fraud have made RegTech indispensable. For example, the Insurance Information Institute highlights a significant rise in identity theft and fraud cases between 2017 and 2021. Additionally, the Federal Trade Commission’s (FTC) Consumer Sentinel Network received over 5.7 million reports in 2021, with 49% being fraud-related and 25% related to identity theft.
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The Rising Cost of Data Breaches
The financial impact of data breaches is staggering. According to the 2021 Cost of a Data Breach Report, a global study conducted by the Ponemon Institute and sponsored by IBM Security, the average cost of a data breach escalated from USD 3.86 million in 2020 to USD 4.24 million in 2021. This surge in data breach costs underscores the necessity for robust RegTech solutions to counter cyber threats effectively. In the U.S., 47% of Americans fell victim to financial identity theft in 2020, according to research from the Aite-Novarica Group.
Growing Need for RegTech Solutions in the Fight Against Fraud
With identity fraud and financial crimes on the rise, industries are under immense pressure to adopt GRC solutions that mitigate risks. The surge in fraudulent activities has fueled the demand for RegTech solutions, which are now integral to the operations of the global market. Industries are increasingly relying on these solutions to detect and prevent fraud, resulting in the accelerated growth of the RegTech market.
Innovations in RegTech for Enhanced Fraud Prevention
The competitive landscape of the RegTech market is dominated by key players focused on developing cutting-edge solutions to combat fraud and reduce financial losses. Companies such as NICE Ltd. (Israel) have made significant advancements, such as the launch of their Integrated Fraud Management (IFM-X) platform in 2020, which utilizes AI and cloud technologies to detect fraud and improve customer experiences. These innovations showcase the potential of RegTech in streamlining fraud detection and prevention efforts.
Strategic Partnerships for Biometric Verification Solutions
To bolster their anti-fraud capabilities, leading RegTech companies are forming strategic alliances. For instance, in 2021, Jumio Corporation (U.S.) partnered with Veridium (U.K.) to deliver innovative biometric identity verification solutions, which simplify electronic know-your-customer (eKYC) processes. This collaboration highlights the growing trend of biometric solutions becoming a pivotal part of fraud prevention strategies in the RegTech space.
Conclusion
The rising instances of fraud and identity theft, coupled with the increasing costs of data breaches, are driving the demand for RegTech solutions. These solutions are essential for safeguarding businesses and customers against financial crimes and ensuring compliance with ever-evolving regulations. As market players continue to innovate and form strategic partnerships, the RegTech market is poised for sustained growth, making it a vital component of the modern financial and regulatory landscape.
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RegTech Market Research Summary
|
Particulars |
Details |
|
Number of Pages |
250 |
|
Format |
|
|
Forecast Period |
2024–2031 |
|
Base Year |
2023 |
|
CAGR (Value) |
17.3% |
|
Market Size (Value) |
$32.6 Billion by 2031 |
|
Segments Covered |
By Component
By Application
By Technology
By Organization Size
By Deployment Mode
By End-use Industry
|
|
Countries Covered |
North America (U.S. and Canada), Europe ( Germany, U.K., France, Italy, Spain, Switzerland, Netherlands, and Rest of Europe), Asia-Pacific ( China, Japan, India, South Korea, Singapore, Australia & New Zealand, Taiwan, Indonesia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America) and the Middle East & Africa (UAE, Israel, Saudi Arabia, and Rest of Middle East & Africa) |
|
Key Companies Profiled |
NICE Ltd. (Israel), Ascent Technologies, Inc. (U.S.), SymphonyAI LLC (U.S.), Broadridge Financial Solutions, Inc. (U.S.), Chainalysis Inc.(U.S.), cleversoft group GmbH (Germany), CORLYTICS Limited (Ireland), DataCo GmbH (Germany), Deloitte Touche Tohmatsu Limited (U.K.), Hummingbird Regtech, Inc. (U.S.), International Business Machines Corporation (U.S.), Jumio Corporation (U.S.), MetricStream, Inc. (U.S.), MindBridge Analytics Inc. (Canada), Pole Star Space Applications Limited (U.K.), REGnosys Limited (U.K.), Trulioo Information Services Inc. (Canada), and Wolters Kluwer N.V. (Netherlands) |
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